Pub Date : 1993-06-01DOI: 10.1111/J.1467-9957.1993.TB00228.X
G. Hodgson
A number of recent theoretical works in economics are described as 'evolutionary' in approach, yet the term is often used in an imprecise way without close attention to the biological analogue. In this essay, a preliminary taxonomy of evolutionary economic theory is proposed. Illustrative cases are briefly discussed, citing the works of Smith, Malthus, Marx, Hobson, Marshall, Veblen, Schumpeter, Hayek, Nelson, and Winter. It is argued that the analogy with biological evolution has to be employed with more precision if there is to be a more rigorous and fruitful approach to evolutionary theory and modeling in economics. Copyright 1993 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"THEORIES OF ECONOMIC EVOLUTION: A PRELIMINARY TAXONOMY","authors":"G. Hodgson","doi":"10.1111/J.1467-9957.1993.TB00228.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1993.TB00228.X","url":null,"abstract":"A number of recent theoretical works in economics are described as 'evolutionary' in approach, yet the term is often used in an imprecise way without close attention to the biological analogue. In this essay, a preliminary taxonomy of evolutionary economic theory is proposed. Illustrative cases are briefly discussed, citing the works of Smith, Malthus, Marx, Hobson, Marshall, Veblen, Schumpeter, Hayek, Nelson, and Winter. It is argued that the analogy with biological evolution has to be employed with more precision if there is to be a more rigorous and fruitful approach to evolutionary theory and modeling in economics. Copyright 1993 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"1 1","pages":"125-143"},"PeriodicalIF":0.0,"publicationDate":"1993-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88333826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1991-12-01DOI: 10.1111/J.1467-9957.1991.TB00455.X
V. Borooah, P. McGregor
This paper uses the 1985 FES sample for Northern Ireland to provide an analysis of low income families in the region. In so doing it attempts to take a first step toward providing regional low income family statistics for the U.K. The statistics provided are also capable of replication for other regions. The paper takes cognizance of recent developments in the theoretical literature on poverty by considering poverty measures which simultaneously encompass issues relating to the number of poor, their depth of poverty and the existing inequality among them. By considering "decomposable" poverty indices, the paper examines the contribution that various subgroups made, in 1985, to poverty in Northern Ireland. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"The Measurement and Decomposition of Poverty: An Analysis Based on the 1985 Family Expenditure Survey for Northern Ireland","authors":"V. Borooah, P. McGregor","doi":"10.1111/J.1467-9957.1991.TB00455.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1991.TB00455.X","url":null,"abstract":"This paper uses the 1985 FES sample for Northern Ireland to provide an analysis of low income families in the region. In so doing it attempts to take a first step toward providing regional low income family statistics for the U.K. The statistics provided are also capable of replication for other regions. The paper takes cognizance of recent developments in the theoretical literature on poverty by considering poverty measures which simultaneously encompass issues relating to the number of poor, their depth of poverty and the existing inequality among them. By considering \"decomposable\" poverty indices, the paper examines the contribution that various subgroups made, in 1985, to poverty in Northern Ireland. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"15 1","pages":"357-377"},"PeriodicalIF":0.0,"publicationDate":"1991-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81676415","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1991-12-01DOI: 10.1111/J.1467-9957.1991.TB00459.X
Ronald Smith
It is well known that the omission of variables from a model with constant parameters can induce the appearance of structural instability if the correlation between the included and omitted variables should change. What is less appreciated is that the converse is also true. The omission of variables from a model with changing parameters can induce the appearance of structural stability. This note provides an example and discusses the circumstances under which the phenomenon is likely. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"Spurious Structural Stability","authors":"Ronald Smith","doi":"10.1111/J.1467-9957.1991.TB00459.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1991.TB00459.X","url":null,"abstract":"It is well known that the omission of variables from a model with constant parameters can induce the appearance of structural instability if the correlation between the included and omitted variables should change. What is less appreciated is that the converse is also true. The omission of variables from a model with changing parameters can induce the appearance of structural stability. This note provides an example and discusses the circumstances under which the phenomenon is likely. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"11 1","pages":"419-423"},"PeriodicalIF":0.0,"publicationDate":"1991-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78790366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1991-12-01DOI: 10.1111/J.1467-9957.1991.TB00457.X
Ian M. McDonald
This paper analyzes a trade union dominated by a sub-group of employed insiders who enjoy secure employment. From the analysis the bargained wage is shown to be positively related to the union power parameter and lay-off pay and negatively related to the degree of risk aversion of the employed insiders and the elasticity of the firm's revenue with respect to employment. These variables exert a similar influence on wages in models of the trade union where outsiders receive an equal weight to insiders in the trade union's objective function. This similarity is in marked contrast to much of the recent literature on insiders and implies that making a distinction between insiders and outsiders is not very important. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"Insiders and Trade Union Wage Bargaining","authors":"Ian M. McDonald","doi":"10.1111/J.1467-9957.1991.TB00457.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1991.TB00457.X","url":null,"abstract":"This paper analyzes a trade union dominated by a sub-group of employed insiders who enjoy secure employment. From the analysis the bargained wage is shown to be positively related to the union power parameter and lay-off pay and negatively related to the degree of risk aversion of the employed insiders and the elasticity of the firm's revenue with respect to employment. These variables exert a similar influence on wages in models of the trade union where outsiders receive an equal weight to insiders in the trade union's objective function. This similarity is in marked contrast to much of the recent literature on insiders and implies that making a distinction between insiders and outsiders is not very important. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"193 1","pages":"395-407"},"PeriodicalIF":0.0,"publicationDate":"1991-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74425032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1991-12-01DOI: 10.1111/J.1467-9957.1991.TB00456.X
Scott Sumner
This paper uses the Collery-Barro equilibrium approach to the gold standard to develop a model of discretionary monetary policy under an international gold standard. Monetary policy is defined in terms of changes in the ratio of the monetary gold stock to the currency stock. This is equivalent to defining discretionary policy actions in terms of deviations from the "rules of the game." Unlike other policy indicators such as gold flows, interest rates, or monetary aggregates, the gold-reserve ratio can be used to generate a quantitative estimate of the impact of a single country's monetary policy on the world price level. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"The Equilibrium Approach to Discretionary Monetary Policy under an International Gold Standard, 1926-1932","authors":"Scott Sumner","doi":"10.1111/J.1467-9957.1991.TB00456.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1991.TB00456.X","url":null,"abstract":"This paper uses the Collery-Barro equilibrium approach to the gold standard to develop a model of discretionary monetary policy under an international gold standard. Monetary policy is defined in terms of changes in the ratio of the monetary gold stock to the currency stock. This is equivalent to defining discretionary policy actions in terms of deviations from the \"rules of the game.\" Unlike other policy indicators such as gold flows, interest rates, or monetary aggregates, the gold-reserve ratio can be used to generate a quantitative estimate of the impact of a single country's monetary policy on the world price level. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"15 1","pages":"378-394"},"PeriodicalIF":0.0,"publicationDate":"1991-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74371325","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1991-12-01DOI: 10.1111/J.1467-9957.1991.TB00458.X
M. Nomura
The purpose of this paper is to examine the displacement effect on government expenditure for Japan, the United Kingdom, and the United States over the periods of the first and second oil price shocks. Following J. Diamond (1977) and P. A. Watt (1978), the displacement effect can be interpreted as a structural change. The author examines the displacement effect by using the Chow test and the modified Wald test proposed by Y. Honda and K. Ohtani (1986). Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester
本文的目的是考察日本、英国和美国在第一次和第二次油价冲击期间对政府支出的位移效应。继J. Diamond(1977)和P. a . Watt(1978)之后，位移效应可以解释为一种结构变化。作者采用了Chow检验和Y. Honda和K. Ohtani(1986)提出的修正Wald检验来检验位移效应。版权归布莱克威尔出版有限公司和曼彻斯特维多利亚大学1991
{"title":"The Displacement Effect on Government Expenditure of Two Oil Crises: Japan, the United Kingdom and the United States","authors":"M. Nomura","doi":"10.1111/J.1467-9957.1991.TB00458.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1991.TB00458.X","url":null,"abstract":"The purpose of this paper is to examine the displacement effect on government expenditure for Japan, the United Kingdom, and the United States over the periods of the first and second oil price shocks. Following J. Diamond (1977) and P. A. Watt (1978), the displacement effect can be interpreted as a structural change. The author examines the displacement effect by using the Chow test and the modified Wald test proposed by Y. Honda and K. Ohtani (1986). Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"19 1","pages":"408-415"},"PeriodicalIF":0.0,"publicationDate":"1991-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83355972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1988-06-01DOI: 10.1111/J.1467-9957.1988.TB01325.X
Carmen Herrero, A. Villar
This paper deals with the existence of equilibrium in an economic model in which production is modeled i n terms of a nonlinear Leontief system, firms sell their outputs at t he average cost, and consumers choose their demand according to the s upply prices. Copyright 1988 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"GENERAL EQUILIBRIUM IN A NON‐LINEAR LEONTIEF FRAMEWORK","authors":"Carmen Herrero, A. Villar","doi":"10.1111/J.1467-9957.1988.TB01325.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1988.TB01325.X","url":null,"abstract":"This paper deals with the existence of equilibrium in an economic model in which production is modeled i n terms of a nonlinear Leontief system, firms sell their outputs at t he average cost, and consumers choose their demand according to the s upply prices. Copyright 1988 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"102 1","pages":"159-166"},"PeriodicalIF":0.0,"publicationDate":"1988-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78363549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1988-06-01DOI: 10.1111/J.1467-9957.1988.TB01326.X
Terry Peach
{"title":"SAMUEL HOLLANDERS CLASSICAL ECONOMICS A REVIEW ARTICLE","authors":"Terry Peach","doi":"10.1111/J.1467-9957.1988.TB01326.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1988.TB01326.X","url":null,"abstract":"","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"100 1","pages":"167-176"},"PeriodicalIF":0.0,"publicationDate":"1988-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81273528","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1988-06-01DOI: 10.1111/J.1467-9957.1988.TB01324.X
R. Franke
Within the framework of a square von Neumann model, this paper is concerned with the most elementary version of a classical competitive adjustment process of the cross-dual type . Slightly modifying the dynamics that were put forward in a recent a rticle by P. Flaschel and W. Semmler (1987), it is, in particular, de monstrated that the trajectories of relative prices and activity leve ls move in a constant distance from the equilibrium, and that in the long run their time averages tend to the respective equilibrium value s. Copyright 1988 by Blackwell Publishers Ltd and The Victoria University of Manchester
本文在方形冯诺依曼模型的框架内，研究了典型的交叉对偶型竞争调整过程的最基本形式。稍微修改一下P. Flaschel和W. Semmler(1987)最近的一篇文章中提出的动态，它特别证明了相对价格和活动水平的轨迹与均衡保持恒定距离，并且从长期来看，它们的时间平均值倾向于各自的均衡值。Copyright 1988 by Blackwell Publishers Ltd和曼彻斯特维多利亚大学
{"title":"A NOTE ON THE LOTKA-VOLTERRA GRAVITATION PROCESS AND ITS PLEASANT PROPERTIES","authors":"R. Franke","doi":"10.1111/J.1467-9957.1988.TB01324.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1988.TB01324.X","url":null,"abstract":"Within the framework of a square von Neumann model, this paper is concerned with the most elementary version of a classical competitive adjustment process of the cross-dual type . Slightly modifying the dynamics that were put forward in a recent a rticle by P. Flaschel and W. Semmler (1987), it is, in particular, de monstrated that the trajectories of relative prices and activity leve ls move in a constant distance from the equilibrium, and that in the long run their time averages tend to the respective equilibrium value s. Copyright 1988 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"13 1","pages":"147-157"},"PeriodicalIF":0.0,"publicationDate":"1988-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73669314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1988-06-01DOI: 10.1111/J.1467-9957.1988.TB01323.X
G. Dosi
{"title":"Institutions and Markets in a Dynamic World","authors":"G. Dosi","doi":"10.1111/J.1467-9957.1988.TB01323.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.1988.TB01323.X","url":null,"abstract":"","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"8 1","pages":"119-146"},"PeriodicalIF":0.0,"publicationDate":"1988-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76301186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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